File photo | The RepublicanUniversal Plastics Corp. moved from Chicopee to the single-story former Kodak Polychrome building at 75 Whiting Farms Road, Holyoke, in 2003.

HOLYOKE -- Universal Plastics, which employs 70 people at its Whiting Farms Road factory, has been sold by the Peters family, according to a news release issued Wednesday.

The father-son team of Sunil and Jay Kumar has acquired Universal Plastics from the Peters family, pledging to serve as on-site managers and grow the business. The company is going from one family ownership to another, according to the release.

Universal Plastics was founded in 1966 by James R. Peters.

Terms of the sale were not made public.

Universal Plastics has gross annual sales of approximately $10 million and manufactures thermoforming plastics that include custom containers, protective covers and enclosures for many large companies including Pratt & Whitney, General Electric and BE Aerospace.

The company also does work for the military.

The new owners hope to expand and grow the product line.

The Kumars also plan to serve as on-site owners and managers of the business.

Sunil Kumar has a background in manufacturing, having previously worked as President and CEO of International Specialty Products, GAF Materials Corporation and as executive vice president and member of the board of Bridgestone / Firestone Tires.

His son Jay, who will join him in ownership, is a graduate of Cornell University and has worked extensively in the investment arena, most recently as managing principal at PAON LLC.

Joseph Peters, president of Universal Plastics, said in a news release that the closing on the sale of the business occurred this week and the new ownership group has already reached out to many of Universal’s customers to inform them of the acquisition.

Peters and his brothers Michael and Richard serve as senior managers of the company and will stay on for the foreseeable future to ensure a smooth transition.

“As a second-generation family business we are excited that ownership is being transferred to another family who plans to manage the business on-site and grow the specialty plastics business,” Peters wrote in the release. “The Kumars have both the manufacturing experience and financial wherewithal to grow the business. We are excited for them, and my brothers and I plan to do all we can to make the transition successful.”

As a custom manufacturer, Universal has made kayaks, air ducts for the Space Shuttle, all of the bus stop signs currently used in New York City and the bow of the submarines used by the Navy Seals.

In 2008 Universal Plastics added a 30,000 square foot addition to their Whiting Farms Road building for a total of 100,000 square feet of production and office space.